Third Quarter Financial Highlights: (comparisons are year over year)
- Net revenues increased 33.7% year over year to $295.0 million
- Construction and Material Handling revenue of $184.7 million and $110.3 million, respectively
- Product Support gross profit increased $5.7 million year over year to $38.9 million
- Net loss of $(0.5) million available to common shareholders compared to income of $0.3 million in the prior year
- Adjusted net income per share* basic and diluted $0.02 compared to a loss of $(0.10) in the prior year
- Adjusted EBITDA* grew 43.4% to $31.4 million compared to $21.9 million in Q3 2020
- Company revises the full year 2021 Adjusted EBITDA guidance to a range of $113 million to $116 million
Alta Equipment Group Inc., a provider of premium material handling and construction equipment and related services, has announced financial results for the third quarter ended September 30, 2021.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said “Our operating performance in the third quarter reflects our flexible business model and our ability to produce strong financial results in a supply-constrained market. Both our Construction and Material Handling business segments delivered year-over-year revenue growth leading to a 43.4% increase in adjusted EBITDA. Our high level of new and used equipment sales in the first three quarters of the year are expected to continue to drive future high-margin product support revenue.”
Mr. Greenawalt concluded, “We continue to see significant customer demand across all our business segments and anticipate finishing the year on a high note. The growth in our core markets combined with our expanded capabilities in our material handling business, our entry into the electric vehicle market, and our recent acquisitions have positioned us well for future success.”
Recent Business Highlights:
- During the quarter, Alta expanded its warehousing and logistics capabilities in the material handling business with the acquisition of Baron, an established provider of dock and door sales, service, and installation that services customers in the greater New England area.
- On October 1, closed the acquisition of Gibson Machinery, a premium equipment distributor, based in Ohio. Gibson expands Alta’s presence in the Midwest and adds several new original equipment manufacturing partners while presenting an opportunity to expand its service operations in the Midwest region.
Full Year Financial Guidance:
The Company revised its full-year financial guidance and expects to report Adjusted EBITDA between $113 million to $116 million, net of new equipment floorplan interest, for the full year 2021.
To view the full release, click here.
